Home India Ministry of Commerce and Industry Amendment of policy condition of Crude Oil under HS Code 270...
Date: 22-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

Amendment of policy condition of Crude Oil under HS Code 27090010

Issued by Ministry of Commerce and Industry · Directorate General of Foreign Trade

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Executive Summary & Key Takeaways

What it means

  • This notification amends the export policy condition for crude oil (HS Code 27090010) under the ITC HS Export Policy, 2023.
  • It exempts ADNOC Marketing International (India) RSC Limited (AMI) from the State Trading Enterprise (STE) conditions, allowing them to re-export crude oil from their commercial stockpile at Mangalore SPR at their own cost.

Key Changes

  • The notification amends the policy condition for Petroleum Crude (ITC HS code 27090010).
  • ADNOC Marketing International (India) RSC Limited (AMI) is now exempt from STE conditions for exporting Petroleum Crude.
  • AMI is permitted to re-export crude oil from their commercial stockpile at Mangalore SPR at their own cost.

Impact Analysis

Impact on ADNOC Marketing International (India) RSC Limited (AMI)

  • Potential cost savings due to the ability to re-export at their own cost.

Impact on Indian Oil Corporation Limited

  • The notification creates an exception for AMI, potentially reducing the volume of crude oil exports handled by IOCL.

Impact on Government Revenue

  • The overall impact on government revenue will depend on the volume of crude oil re-exported by AMI and the prevailing market conditions.

Suggested Action Items

  • The Directorate General of Foreign Trade (DGFT) should monitor the crude oil exports by AMI to assess the impact of this notification.

Key Entities Referenced

Directorate General of Foreign Trade (DGFT): The issuing authority for this notification, responsible for foreign trade policy. ADNOC Marketing International (India) RSC Limited (AMI): The company that is exempted from STE conditions and allowed to re-export crude oil. Indian Oil Corporation Limited (IOCL): The primary entity through which crude oil exports are conducted. Foreign Trade (Development & Regulation) Act, 1992: The Act that empowers the Central Government to make amendments to the export policy. Foreign Trade Policy, 2023: The policy that governs the export and import of goods and services in India.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-23032024-253339 CG-DxLx-xEG-I2D3H0x3x2x0 24-253339 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 1466] नई दिल्ली, िुक्रवार, मार् च22, 2024/र्त्रै 2, 1946 No. 1466] NEW DELHI, FRIDAY, MARCH 22, 2024/CHAITRA 2, 1946 okf.kT; ,oa m|ksx ea=ky; ¼okf.kT; foHkkx½ ¼fons”k O;kikj egkfuns”kky;½ vf/klwpuk ubZ fnYYkh] 22 ekpZ] 2024 la- 80@2023 fo"k;% ,p,l dksM 27090010 ds rgr dPps rsy dh uhfrxr 'krZ es a l'a kksèku ds lca a/k easA dk-vk- 1535¼v½.—fon”s k O;kikj uhfr] 2023 ds iSjk 1-02 vkSj 2-01 ds lkFk ifBr] ;Fkk la”kksf/kr fon”s k O;kikj ¼fodkl ,oa fofu;eu½ vf/kfu;e] 1992 ¼1992 dh la- 22½ dh /kkjk 5 ds lkFk ifBr /kkjk 3 }kjk iznÙk “kfDr;ks a dk iz;ksx djrs gq,] dsUnz ljdkj ,rn}kjk vkbVhlh ,p,l fu;kZr uhfr] 2023 ds isVªksfy;e ØwM ¼vkbVhlh ,p,l dksM 27090010½ dh uhfrxr “krZ es a fuEukuqlkj l”a kks/ku djrh gS%& iz”kqYd en ,p,l en fooj.k fu;kZr uhfr uhfrxr “krZ la”kksf/kr uhfrxr ’krZ dksM 2709 00 10 isVªksfy;e ØwM ,lVhbZ bafM;u v‚;y d‚iksjZ 's ku bafM;u v‚;y d‚iksjZ 's ku fyfeVMs ds fyfeVMs ds ekè;e l s ekè;e l s fu;kZrA rFkkfi] ,,evkb fu;kZrA ¼,Mh,uvkslh ekdsÇZVx baVjus'kuy ¼bafM;k½ vkj,llh fyfeVMs bafM;k½ dks ,lVhà 'krks± ls NVw nh xà gS vkSj mUgs a viuh ykxr ij eSaxyksj ,lihvkj es a vius okf.kfT;d HkaMkj ls dPps rsy dks fQj ls fu;kZr djus dh vueq fr gSA 2217 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] bl vf/klwpuk dk izHkko% ,,evkb ¼,Mh,uvkslh ekdsÇZVx baVjus'kuy ¼bafM;k½ vkj,llh fyfeVMs bafM;k½ gsr q isVªksfy;e ØwM ¼vkbVhlh ,p,l dksM 27090010½ ds fu;kZr ds fy, ,lVhà 'krks± esa NVw nh xà gS vkSj mUgs a viuh ykxr ij eSaxyksj ,lihvkj esa vius okf.kfT;d HkaMkj ls dPps rsy dk s fQj ls fu;kZr djus dh vueq fr gSA [Qk- la- 01@91@180@21@,,e18@bZlh@[kaM&II@bZ&18994] lra ks"k dqekj lkjxa h] egkfuns'kd] fons'k O;kikj ,oa inus vij lfpo] MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the 22nd March, 2024 No. 80/2023 Subject:— Amendment of policy condition of Crude Oil under HS Code 27090010 -reg. S.O. 1535(E).: — The Central Government, in exercise of powers conferred by Section 3 read with section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended, read with Para 1.02 and 2.01 of the Foreign Trade Policy, 2023, hereby amends policy condition of Petroleum Crude (ITC HS code 27090010) of ITC HS Export Policy, 2023, as under :- Tariff Item HS Item Description Export Policy Condition Revised Policy Conditions code Policy 2709 00 10 PETROLEUM STE Export through Indian Oil Export through Indian Oil CRUDE Corporation Limited. Corporation Limited. However, AMI (ADNOC Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their Commercial Stockpile at Mangalore SPR, at their own cost. Tariff Item HS Item Description Export Policy Condition Revised Policy Conditions code Policy 2709 00 10 PETROLEUM STE Export through Indian Oil Export through Indian Oil CRUDE Corporation Limited. Corporation Limited. However, AMI (ADNOC Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their Commercial Stockpile at Mangalore SPR, at their own cost. Effect of this Notification: STE conditions for export of Petroleum Crude (ITC HS code 27090010) for AMI (ADNOC Marketing International (India) RSC Limited India) is exempted and is allowed to re-export crude oil, from their Commercial Stockpile at Mangalore SPR, at their own cost. [F.No. 01/91/180/21/AM18/EC/Vol-II/E-18994] SANTOSH KUMAR SARANGI, Director General of Foreign Trade, & Ex-Officio Addl. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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